Sharing life insurance info important for couples

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Nov 15, 2010

Couple may share many duties, while some are delineated between the two people in the relationship.

For example, making sure bills are paid and checks are mailed may be a responsibility one person in a relationship tackles. And while divvying up certain tasks could make them easier, couples need to make sure they share certain important pieces of information, especially as it may have life insurance implications.

In a recent question-and-answer session on the Today Show's website, financial expert Jean Chatzky fielded a query from a woman whose husband has complete control over bills. The wife noted she feels as though this could be dangerous, especially since she does not even know the policy number for their life insurance coverage.

Chatzky agreed, as the situation could prove to be disasterous.

"Of course you need to understand where the money is going not just because he could die, but because as a partner in this relationship it is your right," Chatzky said.

Consumers who had a relative pass away recently and cannot find information on their life insurance policies may have options. For example, looking over checking account ledgers might provide clues, while searching safety deposit boxes could yield related documents.

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